Wheelock’s Q1 profit up eight-fold on SC Global stake sale

Wheelock Properties on Monday reported first-quarter net profit grew more than eight-fold from the corresponding period a year earlier following an exceptional gain on the disposal of its stake in developer SC Global Developments.

Net profit for the three months ended March 31 rose 701 per cent to S$105.3 million after Wheelock booked a $93 million gain on the sale of its 17.9 per cent stake in SC Global to the latter’s founder and chief executive Simon Cheong, who succeeded in taking the company private.

Revenue in the period grew 3.4 per cent to S$27 million, the company said.

“The marginal increase in revenue for the first quarter was mainly due to revenue recognised from Ardmore Three based on the progress of construction works, interest income and dividend income received from the group’s investments and revenue from the retail malls. This was partially offset by sales from Scotts Square and Orchard View in the same period last year,” it said.

Source : Today – 29Apr 2013

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